Southern California Class A seniors housing community refinanced
JLL Capital Markets arranged the loan for the 52-bed Monarch Cottages memory care community in La Jolla
SAN DIEGO, Nov. 4, 2021 – JLL Capital Markets announced today that it has arranged a $15 million refinance for Monarch Cottages, a 26-unit, 52-bed, 2-story, Class A luxury memory care community in the San Diego community of La Jolla, California.
Remodeled in 2016, Monarch Cottages comprises five companion studio and 21 private studio units averaging 370 square feet. The memory care community offers residents a variety of amenities that include residential style common areas, outdoor courtyard spaces, uniquely designed neighborhoods on each floor, furnished or un-furnished companion suites, non-invasive leading assistive technologies that monitor behavior patterns, a secured environment and around-the-clock staff. The services Monarch Cottages offer range from personalized lifestyle plans developed and implemented daily for each resident to specialized personal assistance, along with full access to experienced staff, gourmet meals and snacks tailored to each residents’ preferences, facility events, nutritious meal planning and holiday and other special events.
Located at 7630 Fay Ave., Monarch Cottages is near the 5 and 52 freeways, offering access to many of La Jolla’s popular attractions, including Shell Beach, La Jolla Cove, Goldfish Point, the La Jolla Tide Pools and rich cultural venues. Additionally, the community is adjacent to The Conrad, a recently completed performing arts center. This venue allows Monarch’s residents and families to participated in an innovative music therapy program that features various activities and programs unique to the Monarch Cottages.
Seniors continue to reside in coastal suburban neighborhoods like La Jolla that are proximate to primary central business districts while still maintaining access to major healthcare and transit centers. Within a three-mile radius, the 75+ seniors population is over 6,500 and is expected to grow by 13.5 percent over the next five years. Additionally, the property’s surrounding area is extremely affluent, with a median housing value within a one-mile radius of $1,900,367 and a median household income of $200,001. The community's extremely affluent demographics, well-educated locale, lack of comparable memory care communities and its irreplaceable location with significant barriers to entry, position Monarch Cottages as the premier memory care community in the area.
The JLL Capital Markets debt team that represented the borrower was led by Directors Alanna Ellis and Bercut Smith.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Monarch Senior Living
Monarch Senior Living (“the company”) was founded in 1982 to develop, acquire, own, finance and manage senior living communities. The company has developed and operated a portfolio of well known communities, consisting of over 3,400 units, with a value of $1 billion, which represent the high caliber approach of the company.